Real Estate Sector Gears Up for Growth
Cuddle Technology for growth……This is the mantra of success and real estate sector has embarked on the journey of success with the help of technology. Real estate sector gears up for growth now! Brick by brick the real estate sector is climbing the heights of success and it is technology that is the main cause of it. Use of technology is seen in all the sectors of real estate. Let’s highlight on the factors of growth of real estate.
1 . Rise of Proptech in Real Estate Sector
Technology is supporting the development and growth of real estate sector. It gears up for growth with ‘Proptech’ – which means property and technology. Advanced technology has opened a new realm of opportunities in real estate sector. Artificial Intelligence, Virtual Reality, Augmented Reality, Building Information Modelling, IoT and much more is being followed in real estate sector. Proptech is like a buzzword that is heard all over in this sector. Be it commercial, residential, industrial or construction sector, Proptech is used everywhere. Proptech is nothing but technology, used in different ways. Here are a few technologies that are helping the sector to gear up for growth.
2 . Technology Marches Into Construction
Construction sector also gears up for growth. It is also at par with others in the use of technology. We all are familiar with the word Artificial Intelligence where a machine mimics humans in actions like problem-solving, pattern recognition, and learning. Artificial Intelligence with the help of Machine Learning gives computer systems the ability to learn from the data and the machines become better at understanding and providing insights in the presence of more data. Machine Learning under the influence of Artificial Learning provides a number of potential applications, the common ones are requests for information, open issues, change orders. It can scrutinize the vast pool of data and inform if any attention is required on any critical issue.
3 . Better Planning and Designing
Artificial Intelligence is used for better planning and designing of projects. Nowadays, in the era of technology, 3D models are created instead of drawing and planning on paper, with the help of Building Information Modelling. These 3D models give architecture, engineering and construction professionals the insights to efficiently plan, design, construct and manage buildings. AI designs the recommended steps for each team with the help of BIM. They also help to plan the sequence of activities of the teams working on the venture. Machine learning algorithms explore all the different types of solutions and then generate an alternate design, in case of any disparity in the designs.
4 . Jobsites Become More Productive
AI, with the help of robots can make the jobsites more productive. Repetitive tasks are taken up by machinery which is more efficient than humans. They don’t need any break or relaxation and can work more quickly and for more hours. Hence the production gets more and also reduces the overall time.
5 . More Safety and Stern Inspection
Risk is more at the construction sites and casualties often occur at some point of time. AI helps to find out if the workers are not following the safety rules or not wearing the protective equipment. Drones are used on the construction sites which can reach even the sensitive corners of the project that are impossible for humans. They get aerial view images of the construction sites. Drones are also used for site inspections.
6 . Walkthroughs Getting Predominant
Virtual and Augmented Reality improve visualization and enhance the construction worker safety training. These technologies along with BIM help to create walkthroughs of the project and its neighbourhood. These walkthroughs give the client a feeling of looking at their future dream house visually. They give control over designs, right from the beginning of the project and also help to save time, cost and effort.
7 . Websites and Chatbots
As a mark of technological advancement, construction companies create websites with chatbots. These are computer programmes that stimulate conversation with users of internet. These are almost replacing the customer service. These chatbots are AI supported and mimic humans. They help to answer the queries of the clients and function round the clock. They increase customer engagement and improve lead generation. They save time and money too. They answer repetitive questions all day long without losing the motivation unlike humans.
8 . Blockchain Prevents Deceit
This technology is related to real time interaction with databases available on the web. With this technology, the database can be updated by a number of users at the same time. It is not prone to viral or localized attacks and is not centralized at one location. That means no one can do any fraudulence in any way because any such activity gets highlighted. This creates a direct link without any intermediaries, hence saves time and cost.
9 . Digital Marketing in Real Estate
This is the generation of internet and homebuyers of this generation are benefitting more from the comforts of their homes because different features like price, location, size and the number of bedrooms, etc are easily available online. Digital marketing is also gaining grounds as the real estate sector gears up for growth. AI helps the agents to identify the potential customers. They are also able to identify the leads and narrow down to reach the potential customers. Social media plays an essential role in the digital marketing of real estate. The transaction process of a deal also gets refined with the help of AI. It becomes flawless because the manual data entry and the human errors are not taking place in the presence of digital marketing.
10 . Impact of IoT in Real Estate
IoT or Internet of things is widely being used in the growth of real estate sector. IoT is used in the construction sector as well as to create smart homes. IoT helps to monitor the health of the structure and inform the concerned authorities of any disruption before time. Sensors are embedded deep under the subsurface of the structure and connected to computers. These sensors can exchange the data about any changes in temperatures or variations in sound, in real time and then pass on the information to the authorities or the concerned engineer. IoT also helps to track the construction material on the site if it is vast. To do so, IoT enabled tags are applied on the construction material. IoT is also modifying our lives and our daily activities by converting our homes into smart homes. Hence we can say that real estate sector gears up for growth with the help of technological innovations.
-Dharmapuri Mallikharjuna Raju
